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Black Sea oil shipping insurance costs jump to $2.5 million per vessel
Insurance premiums for Black Sea oil shipments reportedly rose from about $200,000 to $2.5 million per vessel, lifting crude transportation costs.
Insurance costs for ships moving oil across the Black Sea have surged in recent months, according to OilPrice. The outlet cited a rise in premiums from roughly $200,000 to $2.5 million per vessel.
OilPrice reports that the higher insurance bills increase crude transportation costs. It added that the change is putting additional pressure on fuel prices in Bulgaria.
The outlet said the estimate came from Evgeni Simeonov, Lukoil's special commercial manager in Bulgaria, as carried by local media.
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